Advantages of choosing a Vehicle Insurance Online
There is a growing demand for vehicles, both two-wheelers and four-wheelers, in India. As a result number of vehicles are also increasing on road. Considering the state of roads and traffic, insurance is now mandatory for every vehicle owner. To meet the demands of this growing market, most insurance companies have started offering vehicle insurance online. Though many people were sceptical about purchasing insurance online, it became a necessity for everyone after the covid-19 pandemic. Insurance companies utilised this opportunity by helping their customers with online assistance. Now more and more people purchase and renew their insurance digitally.
Top 5 Advantages of Vehicle Insurance Online
- Easier Comparison
You can compare and review multiple policies at a time. There are free comparison tools available to compare policies without wasting time on manual comparison. Customer reviews also help in comparison and make an informed decision.
- Documents saved in one place
Documents saved in one place are easy to retrieve and review at any time. In case of emergency, you will not have to look everywhere to find a policy document. You can access it online anywhere and anytime.
- Online Reviews:
We often buy things online or choose a restaurant only after seeing its review, right? In the same way, reviews help you with your online financial decisions as well. This is possible only in the online space where you do not have to depend on a personal experience but can check the reviews of anyone who had purchased the policy erstwhile.
- Paperless transaction
Online insurance transactions are completely paperless. Registration and renewal both are easy and paperless in vehicle insurance online. Policyholders can easily track their own accounts by logging in.
With digitization, buying vehicle insurance online has become very convenient. It is a seamless process that allows you to purchase insurance anywhere at any time.
- Instant Policy
When you purchase a policy online, getting your policy document is just a matter of a few clicks. If everything goes fine and you get approval. You can download your policy immediately from the insurer’s website. You can even access it through the insurer’s app.
- Verifying information is easy
It is much easier to check any information online. With the help of social media, you can get genuine reviews and get an idea of the insurer’s credibility. Facts and figures can be verified from government websites. Always check reviews and verify the information before making a decision.
- Easy endorsement policy
Filling up an endorsement form is easier online, saving a lot of time and effort. Once you submit the endorsement form, your request is sanctioned immediately. This way the whole process has become customer-friendly.
An insurance agent may miss sharing important information with you, but when you are looking for auto insurance online, all the information is easily available. You can easily go through all the policy details with inclusions and exclusions in a simple and easy-to-understand language.
Tips for buying Vehicle Insurance Online
- Get information from reliable sources
- Do thorough research about the offers
- Understand the technical terms
- Understanding the parties
- Choose a credible insurer
As per Government regulations buying insurance for your vehicle is mandatory and therefore you need it even if you have an old car. The digital platforms have made it much easier to buy insurance online. All the information regarding a plan is available, comparison tools are there to help you compare different products. You have enough sources to do your research and make a choice. Once you shortlist a plan you can easily buy it online, provide all the needed information and documents, and get a policy instantly.
But as simple as it sounds, sometimes information is misleading and products are not genuine. To avoid any issues later be careful when you are buying insurance online. Here are some tips that can help you if you are a beginner,
Get information from reliable sources
For beginners, the online search can be overwhelming as they might have any idea where to look for information and which sources are reliable. The best way to start with is to look for offers by visiting the official websites of the insurance companies. You will get a fair idea of the various types of plans available, then you can check various insurance aggregators for comparison. Don’t rely on one source, check multiple sources to verify the information. Take help from friends who are experienced in buying insurance online.
Do thorough research about the offers
After shortlisting a general insurance company, the next step is to study the plans and offers. Check the premium rate, Inclusions, and exclusions, and benefits offered. You can find the premium with the help of a premium calculator on the company’s website. Do read the policy document to get detailed information about the policy.
Understand the technical terms
Often the policy documents are not easy to understand with all legal terms and statements. Never ignore these terms because you don’t understand. Discuss with an insurance agent to understand the actual meaning of these terms and what impact it has on your insurance.
Understanding the parties
You often come across terms like a first-party, a third party in insurance policies. If you don’t understand these terms you won’t understand the policy, who is the beneficiary, and who can claim. Different plans have different coverages for these parties, it is important to understand what it means. For example, a third-party only coverage will not cover any damage to the policy holder’s vehicle as it is just covering a third-party liability. So invest time in understanding these confusing but important terms before going ahead.
- Choose a credible insurer
An insurer’s reputation in settling claims is very important. Choose someone with a good record of settling claims. Check customer reviews on various social media platforms. Check facts like claim settlement ratio and claim turnaround time. You can easily find a list of the best insurers online or the cheapest car insurance in India. Do check their customer service and you will find out how supportive they are.
Buying auto insurance online is quick and convenient. If you follow a proper way of doing it with thorough research and comparison, you can find the best policy available at an affordable price. Don’t just select what you find at first sight. Search, research, and compare before you shortlist vehicle insurance online.